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个股公告正文

深赛格B:2014年年度报告摘要(英文版)

日期:2015-03-28附件下载

                                                                          Summary of Annual Report 2014 of Shenzhen SEG Co., Ltd.




Stock code: 000058, 200058                Stock abbreviation: SHEN SEG, SHEN SEG B                        Notice No.:




            Summary of Annual Report 2014 of Shenzhen SEG Co., Ltd.


1. Importance Notice

This summary is excerpted from the annual report 2014 of Shenzhen SEG Co., Ltd. For more details, investors shall read carefully
the annual report published on the websites specified by China Securities Regulatory Commission (CSRC) and the website of
Shenzhen Stock Exchange.

Company Profile:

Stock abbreviation                       Shenzhen SEG, Shenzhen SEG B           Stock code                000058, 200058

Listed on                                Shenzhen Stock Exchange

Changed stock abbreviation (if any)      None

Contact information                             Secretary of the Board of Directors                Securities affairs representative

Name                                     Zheng Dan                                           Zhang Xin

Phone                                    0755-83747939                                       0755-83747939

Fax                                      0755-83975237                                       0755-83975237

E-mail                                   segcl@segcl.com.cn                                  segcl@segcl.com.cn


2. Major Financial Data and Shareholder Changes

(1) Main financial data

Are retrospective adjustments made to previous financial statements due to accounting policy changes or accounting errors?
√ Yes □ No

                                                                                                                           2012 years
                                                                                                     Year-on-year
                                                               2013                   2013                                 (retroactive
                                         2014                                                      increase/decrease
                                                        Before adjustment After adjustment                               adjustment not
                                                                                                          (%)
                                                                                                                            involved)

Operating revenue (Yuan)              681,343,920.99        597,358,257.82    597,358,257.82                    14.06%     463,807,500.77

Net profit attributable to
shareholders of the listed             48,380,294.05         54,338,735.35     54,338,735.35                 -10.97%        45,587,138.06
company (Yuan)

Net profit attributable to
                                       45,920,252.23         48,912,658.58     48,912,658.58                    -6.12%      45,369,864.10
shareholders of the listed




                                                                   1
                                                                              Summary of Annual Report 2014 of Shenzhen SEG Co., Ltd.



company after deduction of
non-recurring gains and losses
(Yuan)

Net cash flow arising from
                                     -427,933620.94        -122,530,546.70 -122,530,546.70                      -249.25%        -45,987,512.97
operating activities (Yuan)

Basic EPS (Yuan/Share)                       0.0616                   0.0692                0.0692               -10.98%                 0.0581

Diluted EPS (Yuan/Share)                     0.0616                   0.0692                0.0692               -10.98%                 0.0581

                                              3.80%                                                                  -0.64%
Weighted average ROE (%)                                                  4.44%             4.44%                                        3.88%


                                                                                                       Year-on-year
                                                               2013                    2013
                                      End of 2014                                                    increase/decrease          End of 2012
                                                        Before adjustment After adjustment
                                                                                                               (%)

Total assets (Yuan)                 2,659,717,718.28      2,134,940,597.85 2,134,940,597.85                          24.58%   1,740,697,285.20

Net assets attributable to
shareholders of the listed          1,298,970,719.85      1,250,224,375.08 1,250,224,375.08                          3.90%    1,195,672,946.25
company (Yuan)




(2) List of top 10 ordinary shareholders


                                                                      Total number of ordinary
Total number of ordinary
                                                                      shareholders on the fifth trading
shareholders at the end of the                               55,987                                                                      51,394
                                                                      day before the disclosure of the
report period
                                                                      report period

                                    Shareholding information of the top 10 ordinary shareholders

                                                                                                                 Information on pledged or
    Name of            Nature of     Shareholding
                                                       Total shares       Quantity of restricted shares held             frozen shares
  shareholder         shareholder     percentage
                                                                                                                 Share status      Quantity

Shenzhen SEG       State-owned
                                           30.24%      237,359,666                                         0 Frozen                 83,679,833
Group Co., Ltd. legal person

                   Domestic
Zeng Ying                                   1.02%         8,040,826                                        0
                   natural person

Phillip
                   Overseas legal
Securities (Hong                            0.86%         6,716,223                                        0
                   person
Kong) Groups

                   Domestic
Liu Guocheng                                0.70%         5,495,595                                        0
                   natural person




                                                                      2
                                                                           Summary of Annual Report 2014 of Shenzhen SEG Co., Ltd.



                    Overseas
Gong Qianhua                                  0.68%        5,311,520                                    0
                    natural person

                    Domestic
Wang Jian                                     0.38%       3,000,000                                     0
                    natural person

                    Domestic
Liu Guohong                                   0.31%       2,454,941                                     0
                    natural person

Yunnan
International
Trust Co. –        Others                    0.31%       2,437,347                                     0
Ruihui 2 Capital
Trust Plan

UBS AG
                    Overseas legal
LONDON                                        0.30%       2,339,805                                     0
                    person
BRANCH

LI LEON             Overseas
                                              0.30%       2,334,900                                     0
ZHAN WEI            natural person

Explanations on the association      Shenzhen SEG Group Co., Ltd has no associated relationship with other shareholders, nor is a
relationship or concerted action     concerted action unit as described by the Management Methods for Disclosure of Information on
among the above-mentioned            Changes of Shareholding Status of Shareholders of Listed Companies. It is unknown whether
shareholders                         other shareholders have an associated relationship or are concerted action units or not.

Information of the shareholders
participating in financing           None
business (if any)


(3) List of top 10 preferential shareholders

□ Applicable √ Not applicable

No shareholders hold preferred shares in the report period.




                                                                    3
                                                                          Summary of Annual Report 2014 of Shenzhen SEG Co., Ltd.



(4) Block diagram of the property rights and controlling relationship between the Company and its actual
controllers

                              Administration       China Huarong          China Orient        China Great Wall
                              Commission of            Asset                 Asset                 Asset
                            Shenzhen Municipal    Management Co.,         Management            Management
                            People's Government         Ltd.              Corporation           Corporation




                                                        Shenzhen SEG Group Co.,
                                                                  Ltd.




                                                         Shenzhen SEG Co., Ltd.



China Huarong Asset Management Co., Ltd. publicly listed the 29.51% equities of SEG Group in Shenzhen Qianhai Stock Exchange
on December 30, 2014 to transfer the equities at the listing price of 1.79 billion Yuan. Within the valid listing period, only SZ
CAPITAL CO., LTD (hereinafter referred to as SZ CAPITAL) is a qualified transferee with intention. According to the related
provisions in the Asset Disposal Management Approach for Financial Asset Management Company and Transfer of State-Owned
Financial Assets Management Approach issued by the Ministry of Finance, after the listing period of SEG Group's equities expires,
the transfer will be carried out based on an agreement if only one qualified transferee with intention is available. Therefore, the listed
29.51% of the SEG Group equities will be transferred to SZ CAPITAL based on an agreement.

SZ CAPITAL was incorporated in June 2007 by SASAC. As the wholly-owned subsidiary of SASAC, it is the professional platform
company operated by SASAC as well as its person acting in concert. After the completion of this equity transfer, SASAC will
directly and indirectly hold 76.03% of the stocks of SEG, and become the first major shareholder and actual controller of SEG. The
Company’s controlling shareholder and actual controller have no change. The matter will not result in important influence to the
Company’s operation.

By the disclosure day of this report, Huarong Asset and SZ CAPITAL have signed an Equity Transfer contract, and Huarong Asset
has transferred the 29.51% equities of the SEG Group to SZ CAPITAL. Currently, the equity transfer matters have done.




3 Discussion and Analysis of the Management Layer

(1) Overview
The Company stepped into the fourth year of its "12th Five-Year" Strategic Plan implementation in 2014. Under the pressure of
slowing domestic macro economic growth, the Company adhered to the management concept of "securing the foothold, focusing on
key points, and shifting the business direction", continued to strengthen its independent innovation, and vigorously expanded its
business. With the joint effort of the Company and the invested enterprises, the performance of the Company is growing steadily.
Therein, Nantong SEG Times Square Project was officially capped on December 12, 2014; the business of existed electronics
markets grew steadily and continued to develop stably; the small loan business entered a stage of benign development; and the
e-commerce business started to achieve turning losses into gains.




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During the reporting period, the Company achieved a total operating revenue of 752,410,000 Yuan, with a 17.48% increase over the
previous year, mainly due to: (1) substantial increase in the income of the small loan business; (2) substantial increase in the income
of the e-business; and (3) growth in the income of property rental and hotel business.
During the reporting period, the Company achieved a total profit of 111,76 million Yuan, with a 6.19% increase over the previous
year, mainly due to: (1) increase in the income and profit of the small loan business; (2) growth in the income from financial products
investment.
①Operation of the electronics markets
In 2014, the new technical means and new business models centering on the Internet and Mobile Internet are rewriting the traditional
business rules of the electronics market industry, which changes consumers' consuming behaviors and the whole traditional retail
industry. Facing the intense market competition and the impact from new commercial modal, the Company strategically invested
more in the research of a new model for the electronics market business and fully exerted the advantage of resources sharing in the
chain markets across the country. At the same time, the Company strived to further strengthen the innovation of electronics market
business and explore new business growth models while ensuring stable market operation.
During the reporting period, Wuxi SEG Electronics Market officially opened in March; Suzhou SEG Digital Plaza (Park) also began
trial operation in September; Taizhou SEG Electronics Market Project has established initial intention of cooperation; and Zhengzhou
SEG Digital Plaza project was approved by the Board of Directors, and began to enter the preparatory stage.
In 2014, facing a sluggish industry environment and severe channel competitions, the Company's business in the electronics market
maintained steady operation. Under a "zero accident" premise, the market operation and innovation capabilities are continuously
improved. New business models were developed, such as the SEG Factory Store. A hybrid business model of "e-business + physical
stores + marketing channel" was built up. The scalable supply and marketing channels that connect downstream buyers and upstream
electronics factories were established. Direct trading with consumers was achieved through Tmall Store and physical stores. In this
manner, marketing channels were merged.
During the reporting period, the Company's electronics market business achieved the revenue of 312,300,000 Yuan, with a decrease
of 1.67% from the previous year, mainly due to the decrease of Nanjing SEG's proprietary trading business income. Mainly due to
the increase of gains from use of funds, the total profit reached 77.01 million Yuan, with an increase of 4.32% over the previous year.
②Businesses of property leasing business
The property lease business of the Company headquarters was impeded by decline of the domestic mobile phone business and the
road enclosure and traffic control due to construction of Shenzhen Metro Line No.7, and therefore the property occupancy rate and
unit rent decreased compared with the same period of last year.
In the year of 2014, the property operation of the Company's subsidiary SEG Baohua was steady and rose. Despite of the depressing
property lease environment in Huaqiang North district and the rising vacancy rate and dramatic rent drop of the surrounding office
buildings, the Company kept the occupancy rate at 99% and above, and maintained the highest rent among the office buildings in
Huaqiang North district by improving the service quality and taking effective business operation measures.
In the reporting period, the Company's property lease business yielded a total operation income of 66.38 million Yuan, with a
year-on-year increase of 1.16%, and achieved a total profit of 23.44 million Yuan, with a year-on-year increase of 25.21%.
③ Businesses of the channel retail terminal of IT products
In 2014, the IT product channel retail terminal business of SEG Industrial, a wholly owned subsidiary of the Company, stepped into a
virtuous development stage. During the reporting period, the company's channel business obtained an income of 99.06 million Yuan,
with a year-on-year increase of 186.05%, mainly due to the revenue from the mobile phone distribution business and
communications distribution business introduced in the reporting period.
④Business of the electronic commerce




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In the second half year of 2013, the Company redefined its e-commerce business. In 2014, SEG E-Commerce's main business has
shifted to the supply chain and segbuy.com. This platform provides tenants with all-around, one-stop supply chain services by using
the resources of physical SEG electronics markets.
In the reporting period, the Company's e-commerce business yielded a total operation income of 46.78 million Yuan, with a
year-on-year increase of 588.95%, and achieved a total profit of 1.35 million Yuan, turning losses into profits compared with the
same period last year. The company's revenue and profits in 2014 were mainly from the supply chain related businesses.
⑤ Small loan business
In 2014, SEG's small loan business achieved a substantial growth. During the reporting period, the Company achieved the operating
revenue of 71.07 million Yuan with the small loan business, with a year-on-year increase of 63.87%, and also made a total profit of
39,650,000 Yuan, a year-on-year increase of 61.38%.


(2) Analysis of Core Competence
Main business of the Company includes development and operation of specialized electronics market and supporting projects,
property lease service, IT product channel retail terminal service, e-commerce and value-added small loan service.
By December 31, 2014, the Company has set up 25 entity-based SEG electronics markets (SEG Digital Squares) in China, which
forms a nationwide specialized electronics market chain covering Pearl River Delta and Yangtze River Delta. Through 26 years of
effort, SEG Electronics Market has successfully combined IT complex self-construction, leasing and trusted management, combined
market service and value-added financial service, and combined professional market, SEG factory store and distribution channels.
SEG Electronics Market stand out as the largest specialized electronics markets in China and even in Asia covering electronic
components, IT products, and communications products and has great brand influence both at home and abroad.
In the reporting period, Shenzhen SEG Electronics Market is awarded again the title of Top 10 Flagship Market of China's
Professional Electronics Market in the 14th Annual Meeting of China's Professional Electronics Market which is hosted by China
Electronics Chamber of Commerce. Meanwhile, Liu Zhijun, the general manager of the Company, is awarded the title of "Operation
Master of China's Professional Electronics Market in 2013".


(3) Operation plan in 2015
In this year, the Company's operating guideline is "transformation, innovation and development". Under the premise of maintaining
steady development of the existing business, the Company will actively explore new business, and create the multi-channel profit
model driven by the capital and resources; meanwhile, the Company will properly prepare for sales and operations of the Nantong
SEG Project.


(4) Investment plan in 2015
The annual investment plan for 2015 focuses on the Company's main business, including the investments on the continued
construction and land reserves of the entity electronic stores and Nantong SEG Times Square project, with a total expected
investment of 594.01 million Yuan.

                                                  Investment plan (RMB
           No.            Project name                                                          Remarks
                                                     ten thousand Yuan)

                   Build new electronics
               1                                                       2,000 Used for rental
                   markets

               2   Nantong SEG Times Square                           27,401 In 2015, according to the plan, the main




                                                                  6
                                                                   Summary of Annual Report 2014 of Shenzhen SEG Co., Ltd.



                                                                          structure capping of Nantong SEG Times
                                                                          Square project and decorative works will be
                                                                          basically completed, and external property sales
                                                                          targets will be achieved. The expected
                                                                          investment is 349.3 million Yuan, which will be
                                                                          loaned by Nantong SEG from the joint-stock
                                                                          company.

                 Land reserve for commercial                              Used for reserve lands for commercial real
           4                                                     30,000
                 real estate projects                                     estate projects

                 Total                                           59,401



(5) Possible risks confronting the Company and countermeasures
① The main risks the Company is facing with

 A.The competitive pressure in traditional industry continues to increase. Meanwhile, the e-business platform
further changes the consumption habits. The support from manufacturers suffers a larger decline, which increases
the market operating risks.

 B.According to the macro environment of the real estate industry, there is a certain risk in sales and operation of
the Nantong SEG Project.

 C. Restricted by the funding constraints and declining interest rate in the market, the development of small loan
business is slow. Meanwhile, affected by the slowdown in the real economy, the small loan business faces issues
such as weak growth and falling yield.

 D.Resources in the Company's talent pool are insufficient.

② Main countermeasures:

  A. Accelerate the Company's strategic business transformation and upgrading. Through the transformation and
upgrading, the Company will seek new strategic business and profit growth opportunities, to constantly improve
the company's risk tolerance.

 B.With respect to the Nantong SEG Project, the Company will exploit the strengths and selling points,
strengthen the promotion, expand the market space, and continuously adjust and improve the business planning
and positioning for attracting differentiated investments.

 C. The Company will fully use all kinds of resources, to achieve effective integration and sharing of resources,
obtain an amplified effect of integration, and ensure the achievement of strategic business objectives.

 D. The Company will fully employ the HR management capability, deeply study the incentive mechanism and
personnel training programs, introduce practical talents and prospective talents; meanwhile, work out scientific
and practical talent training programs for talent reservation.

 E. The Company will ceaselessly improve HRM level, and formulate the motivation mechanism and medium
and long term training plan, and actively introduce inward actual combat-type talents and prospective research
talents.



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4. Financial Report Related Issues

(1) Information on changes in accounting policies, accounting estimates and accounting methods compared
with the financial reports of 2013


√ Applicable □ Not applicable



Explanation of changes of accounting policies
In 2014, the Ministry of Finance has promulgated or revised a series of corporate accounting policies. The Company has
implemented new corporate accounting policies from July 1, 2014 and has adjusted the comparative financial statements in
accordance with the provisions of the new guidelines. The impacts on the comparative financial statements caused by the new
corporate accounting policies are as follows:

(1) Long-term equity investment

1)    According to the revised Long-Term Equity Investment Policies, the accounting of the long-term equity investment that does
not involve the control, joint control, or significant influence on the invested organizations are incorporated in the available-for-sale
financial assets. For the equity investment that does not have price quotations in the active market, whose fair value cannot be
reliably measured, subsequent measurement is implemented according to the costs; for other equity investments, subsequent
measurement is implemented according to the fair value. The above changes in accounting policies retrospectively affect the
following items:




                                   Share-hol                                               January 31, 2013

                                     ding                                               Financial assets
     Invested organization                          Long-term equity                                                    Shareholders' equity attributable
                                   proportio                                           available for sale
                                                    investment (+/-)                                                      to the parent company (+/-)
                                       n                                                     (+/-)

Nanjing Shangsha Co., Ltd                  0.68               -280,000.00                       280,000.00                                                ---

Anshan Yibai Co., Ltd                        ---                             ---                            ---                                           ---

Shenzhen SEG GPS Scientific
                                       12.50                -13,515,392.83                   13,515,392.83                                                ---
Navigations Co., Ltd.

             Total                           ---            -13,795,392.83                   13,795,392.83                                                ---

                                   Share-hol                                             December 31, 2013

                                     ding                                                                                      Shareholders' equity
     Invested organization                         Long-term equity                Financial assets available
                                   proportio                                                                                 attributable to the parent
                                                   investment (+/-)                      for sale (+/-)
                                     n (%)                                                                                        company (+/-)

Nanjing Shangsha Co., Ltd                  0.68             -280,000.00                              280,000.00                                           ---

Anshan Yibai Co., Ltd                        ---                       ---                                        ---                                     ---

Shenzhen SEG GPS Scientific
                                       12.50             -13,515,392.83                        13,515,392.83                                              ---
Navigations Co., Ltd.




                                                                   8
                                                                               Summary of Annual Report 2014 of Shenzhen SEG Co., Ltd.




                                   Share-hol                                           January 31, 2013

                                     ding                                           Financial assets
       Invested organization                             Long-term equity                                    Shareholders' equity attributable
                                   proportio                                       available for sale
                                                         investment (+/-)                                      to the parent company (+/-)
                                       n                                                 (+/-)

Kasggar Shenzhen City Co.,
                                           3.03              -20,000,000.00                  20,000,000.00                                   ---
Ltd.

               合计                          ---             -33,795,392.83                  33,795,392.83                                   ---




(2) Impacts on the Consolidated Financial Statements:

1) According to the revised Accounting Standard for Business Enterprise No. 30 - Presentation of Financial Statements, the
Company has adjusted the part of the original capital reserve attributable to other comprehensive income to be presented as other
comprehensive income items, and adjusted the presentation of the opening amount of the year by using the retroactive adjustment
method. The impacts of retroactive adjustment are as follows:

                                                           January 1, 2013                                   December 31, 2013
                  Item
                                           Before adjustment          After adjustment           Before adjustment         After adjustment

Capital reserve                                    404,380,330.57           322,015,117.44           404,593,024.05            322,272,354.94

Other comprehensive income                                                   82,365,213.13                                      82,320,669.11

Total                                              404,380,330.57           404,380,330.57           404,593,024.05            404,593,024.05

2) According to the revised Accounting Standard for Business Enterprises No. 30 - Presentation of Financial Statements, the
Company has separately presented the deferred income and adjusted the presentation of the opening amount of the year by using the
retroactive adjustment method. The impacts of retroactive adjustment are as follows:

                                                           January 1, 2013                                   December 31, 2013
                  Item
                                           Before adjustment          After adjustment           Before adjustment         After adjustment

Deferred income                                                                320,080.91                                          762,246.19

Other non-current liabilities                         320,080.91                                         762,246.19

Total                                                 320,080.91               320,080.91                762,246.19                762,246.19



 (2) Information on retroactive restatements in corrections of major accounting errors in the
reporting period

□ Applicable √ Not applicable

There is not retrospective restatement due to corrections on significant accounting errors in the reporting period.




                                                                       9
                                                                           Summary of Annual Report 2014 of Shenzhen SEG Co., Ltd.



(3) Information on changes in the scope of consolidation compared with the financial report of
2013

√ Applicable □ Not applicable

1) Subsidiaries, special-purpose entities and operating entities whose controlling right is formed through trustee operation or lessee,
which are included in the consolidation scope for the first time in this period.

                                                                                                             Net profits of the current
                                                                                   Year-end net assets (in
                       Name                               Reasons for change                                  period (in 10 thousand
                                                                                    10 thousand Yuan)
                                                                                                                      Yuan)

Yantai SEG Times Square Development Co., Ltd.         New controlled subsidiary             0.04                       0.04

Nantong SEG Commercial Operation Management
                                                      New controlled subsidiary            -6.68                       0.007
Co., Ltd.

Suzhou SEG Digital Plaza Management Co., Ltd.         New controlled subsidiary            145.33                    -654.67

Xi'an Fengdong New Town SEG Time Square
                                                      New controlled subsidiary           3000.00                        -
Properties Co., Ltd.

2) Subsidiaries, special-purpose entities and operating entities whose controlling right is formed through trusted operation or lease
taking, which are excluded from the consolidation scope in the current year.
(4) Explanations of the Board of Directors and Board of Supervisors to the Non-standard
Audit Report made by the accounting firm in the reporting period




                                                                    10

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